Which of the following are categories of costs that are found in the Manufacturing account? A. Factory over heads and prime costs B. Selling and Distribution and prime costs C. Factory overheads and Admin costs D. Selling and distribution and Financial charges

Q: Which of the following is part of factory overhead cost? a.depreciation of sales person's vehicle…

A: Cost accounting system: Cost accounting system of an organization consists of procedures and…

Q: The three basic elements of the cost of a manufactured product are:      a. indirect materials,…

A: Solution: The three basic elements of the cost of a manufactured product are "direct materials,…

Q: Which one of the following costs can be accurately identified as forming part of a cost centre?…

A: A cost center is a department of the company that supervises the costs of the company. Examples -…

Q: A report that lists the types and amounts of costs incurred in manufacturing is a:

A: A report that lists the types and amounts of cost incurred in manufacturing is a: Schedule of cost…

Q: IDENTIFY THE FOLLOWING COST FOR THE PRODUCTION AND SALE OF A LAWN MOWER COMPANY WHETHER DIRECT…

A: Product cost: Product costs are the costs which are incurred in the production of the goods. These…

Q: manufacturing costs (direct and indirect, fixed and variable) which can contribute to the production…

A: Option A is wrong because job order costing refers to allocating manufacturing costs to specific…

Q: Which of the following is the correct flow of manufacturing cost? Raw materials, work in process,…

A: Solution: Flow of manufacturing cost means, sequence in which costs are converted such as finished…

Q: 1. Which of the following are period costs? Raw materials Direct materials and direct labor Direct…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Certain businesses attach manufacturing overhead to tasks based on labor costs. Determine another…

A: To determine the actual cost of product sales, overheads or indirect costs must be assigned to the…

Q: Manufacturing overhead applied is added to direct labor incurred and to what other item to equal…

A: Overhead: It refers to an expense that relates to an ongoing business and is centrally incurred by…

Q: The three key production costs are direct materials, direct labor, and manufacturing overhead.…

A: Direct material is a traceable cost.

Q: IDENTIFY THE FOLLOWING COST FOR THE PRODUCTION AND SALE OF A LAWN MOWER COMPANY WHETHER DIRECT…

A: Cost of production is the total cost incurred by the producer for the manufacturing of goods or for…

Q: Which of the following items is an indirect cost? A. The rent of the factory in which products are…

A: explanation : A. The rent of the factory in which products are madeB. The wages of the production…

Q: The cost of a manufactured product (product cost) generally consists of which of the following?…

A: Product Cost - Product Cost is the cost incurred by the organization for the product of the entity.…

Q: How do we calculate factory cost? Prime cost + Opening WIP- Closing WIP+ Factory Overhead b. Total…

A: Factory cost includes the cost incurred on the factory on the goods that are meant to sold.

Q: Which one of the following is not a cost element in manufacturing a product? Office salaries…

A: Cost Accounting: It is the process of collecting, recording, analyzing the cost, summarizing cost,…

Q: Which of the following costs would be included on an income statement for both a merchandising…

A: Merchandising concern - This entity deals with buying and selling inventory from the supplier to the…

Q: As production takes place, all manufacturing costs are added to the: O a. Production Labor account.…

A: Manufacturing costs are the cost incurred during the process of production of a product. It includes…

Q: otal Manufacturing costs are also known as product costs. Which of the following best describes…

A: Solution Concept Total manufacturing cost basically means the cost that is required to manufacture…

Q: All of the following are product costs except: Group of answer choices period cost factory overhead…

A: The cost can be classified into two categories i.e. product cost and period cost. The product cost…

Q: Indicate whether the following costs of Procter & Gamble, a maker of consumer products, would be…

A: Direct Material Cost Direct material cost is the cost of the raw materials and components used to…

Q: Labor related to manufacturing of product can be classified under: direct manufacturing labor costs…

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Which of the following is a period cost     Administrative expenses     Factory utilities…

A: Period costs are those cost which cannot be assigned to the product.

Q: Which of the following does not accurately describe the application of job-order costing? a.…

A: Job costing includes the aggregation of the expenses of materials, overhead and labor for a…

Q: What is the process costing income statement? Provide a hypothetical example of a process costing…

A: Introduction:- Process costing is a sort of accounting employed by businesses that mass manufacture…

Q: The term “Prime cost” refers to a. All manufacturing costs incurred to produce units of output. b.…

A: Formula: Prime cost = Direct Materials + Direct labor cost

Q: When a manufacturing company uses direct labor, it assigns the cost by debiting O A. Wages Payable.…

A: Cost accounting is useful since it can show where a company spends money, how much it generates, and…

Q: Determine difference between the three methods used for allocating factory overhead costs to…

A: There are three basic cost allocation methods used for allocating the cost of products: the single…

Q: How would sales salaries be classified for a manufacturing company? Group of answer choices product…

A: Manufacturing company refers to the company which produces the finished goods from the RM (Raw…

Q: Indicate whether the accounts below are used in the cost flow for a manufacturer, a service…

A: The cost of service is part of the service provider and the Cost of goods sold, Factory overhead,…

Q: When manufacturing overhead is applied to production, it is added to A. the cost of goods sold…

A: In cost accounting, the cost sheet generally is a statement which consists of various costs incurred…

Q: Should design of cost be calculated in factory overhead costs incurred? Explain why

A: The answer for the question on cost design is discussed hereunder : Design of Cost aims at reducing…

Q: Total manufacturing costs are composed of the following, except: *   a. Direct Materials       b.…

A: SOLUTION- TOTAL MANUFACTURING COST  IS THE AGGREGATE AMOUNT OF COST INCURRED BY A BUSINESS TO…

Q: a. Name two principal types of cost accounting systems.b. Which system provides for a separate…

A: a.

Q: Starting from Raw Materials, beginning discuss the Detailed formula of Cost of Goods Sold under…

A: The cost of goods sold includes the cost of goods that are sold during the period.

Q: What information is contained in a production report? What are equivalent units and how would a…

A: Financial report: Financial reports can be defined as the summary of statements that contains the…

Q: Costs that are incurred as part of the manufacturing process, but are not clearly traceable to the…

A: e.Fixed costs.

Q: When direct materials are used, which of the following accounts increases? Finished Goods Inventory…

A: Material is the item which is required to be used to manufacture the product in which the firm…

Q: Which of the following is a period cost? a. direct materials   b. indirect materials   c. factory…

A: The question is based on the concept of Cost Accounting.

Q: Which method of determining operating income is used internally for decision making and considers…

A: There are mainly two costing methods adopted by the management to determine the operating income,…

Q: The income statement for a manufacturing company includes:   Indirect Labor, Factory Overhead, and…

A: Option c is correct. Because income statement shows cost if goods sold in expenses in the following…

Q: Which of the following is a prime cost? A.Factory maintenance expenses B.Administrative labor…

A: Prime cost of the business means cost of direct material and direct labour. Direct material and…

Manufacturing Costs

Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.